by Marc Bastow | July 30, 2013 5:19 pm
Investors had two major pieces of news to gnaw on early Tuesday: The S&P/Case-Shiller Home Index rose 12.2% in May, marking the highest year-over-year gain since 2006, and a foreign potash player caused a stir in the industry to knock around some of the business’ biggest names.
The Nasdaq rallied ahead on a technology surge — led by Facebook (FB), which rose more than 6% and was just pennies from its IPO price of $38 during intraday trading — rising 0.48% to close at 3616.47.
Meanwhile, the S&P 500 managed to hang on to a 0.4% gain, closing at 1685.96. The Dow Jones Industrial Average wasn’t as fortunate, closing down fractionally at 15520.59.
An announcement from Russian fertilizer Uralkali — in which the company said it would keep production at full steam despite predicting a major drop in potash prices — crushed industry stocks including Mosaic (MOS, -17.3%) and Potash Corp. (POT, -16.5%) and also took a bite out of Agrium (AGU, -5.4%).
Goodyear Tire & Rubber (GT) jumped ahead nearly 9% after reporting record Q2 earnings of $181 million, which doubled the year-ago period’s results, and adjusted EPS of 76 cents easily hurdled a 48-cent bar. The result came despite sales that declined 5% to $4.89 billion.
Pitney Bowes (PBI) surged ahead by more than 12% to lead the S&P 500 after announcing Apollo Global Management (APO) will purchase its management services business for $400 million, as well as topping second-quarter earnings estimates by 8 cents with 52 cents in EPS. However, Pitney Bowes did lower full-year 2013 earnings guidance.
Cisco (CSCO) inched up after as Piper Jaffray lifted its target price from $28 to $29 per share while maintaining an “overweight” rating. CSCO will release fourth-quarter and full-year results on Aug. 14.
Solar products and services company SunPower (SPWR) also got the benefit of an upgrade, rising 7% as Baird raised its target price from $24 to $33 per share. Sectormates First Solar (FSLR) and Suntech Power (STP) both rose nearly 3% on the day.
Notable earnings releases for Wednesday include Comcast (CMCSA), MasterCard (MA) and Whole Foods (WFM).
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.
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